Freddie Mac: Here are the top 5 improving metro markets for housing

The Census Bureau is cooking the new home sales numbers

You can’t make bricks with imaginary straw

The 12 hottest housing markets right now

And the biggest losers in the price growth race
W S

Bay State Foreclosures Nearly Double in February

A new report shows that foreclosure filings in Massachusetts continue to escalate at a record-setting pace, reaching a new high in February. According to ForeclosuresMass.com, 2,227 foreclosures were initiated statewide during February 2007, 85 percent more than the number recorded in February 2006. Over the past 12 months, lenders initiated foreclosure proceedings against 21,644 homeowners, representing an 82 percent increase over the same period a year earlier. “While lawmakers at the federal and state level are looking into ways to protect homeowners, the fact is that foreclosure filings have – and will – continue at astronomical levels well into 2007,� said Jeremy Shapiro, president and co-founder of ForeclosuresMass.com.
Both Federal and state regulators are taking notice of the foreclosure problem. On Tuesday, the Massachusetts Legislature's Joint Committee on Housing held hearings on bills relating to foreclosures, and numerous state officials spoke out on the issue. Today, Ben Bernanke, Chairman of the Federal Reserve System, will appear before the Joint Economic Committee of the U.S. Congress, where he is expected to be questioned heavily on subprime lending and foreclosures. Barnstable, Worcester and Bristol Counties experienced the largest increases in foreclosure activity. Barnstable County experienced a 95 percent increase, while Worcester County had a 94 percent increase and Bristol County jumped by 92 percent. Every County except Nantucket saw substantial increases, the report said. For more information, visit http://www.foreclosuresmass.com.
Don't subscribe? Be sure to sign up today to get our free email updates delivered direct to your inbox!

Recent Articles by Paul Jackson

Comments powered by Disqus